We donated misc. items to St Vincent valuing over $1500.00, can we get some thing back for that , and if so what type of fprm are we supposed to fill?
2007-03-06 11:55:05 · 5 answers · asked by hahol 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
That is considered a charitable contribution and is claimed on Schedule A, itemized deductions. The problem is that your total itemized deductions have to be more than your standard deduction. The standard deduction varies depending on whether you are single, head of household, married etc., but if your total itemized deductions are not higher than your standard deduction you do not get to deduct charitable contributions. Unless you own a house and pay mortgage interest and real estate taxes you usually do not have enough to itemize.
2007-03-06 12:00:43 · answer #1 · answered by irongrama 6 · 1⤊ 0⤋
Are you wanting a refund from the charitable organisation or from the IRS?
There are limits on the percentage of your charitable deductions you can deduct from your AGI. They are usually 25% or 50% of your adjusted gross income. It depends on what type of charitable organisation it filed for with the IRS.
2007-03-06 12:14:32 · answer #2 · answered by RAG 2 · 0⤊ 0⤋
To claim the donation you must file the long form and have proof
that the donation was made.
2007-03-09 05:21:59 · answer #3 · answered by rog@home 2 · 0⤊ 0⤋
It was you who voluntarily donated the said items. you can not request for any refund. It is not advisable and it is against the rule on donation.
2007-03-06 12:03:59 · answer #4 · answered by Jesus M 7 · 0⤊ 3⤋
I believe you can count $250.00 under donation. And you need a receipt from them in case you are audited. But, ask your CPA.
2007-03-06 11:59:57 · answer #5 · answered by dtwladyhawk 6 · 0⤊ 2⤋